The health plan most consumers are familiar with. Major medical coverage offers the most comprehensive protection and flexibility of the plans listed. Major medical coverage comes with two major challenges:
Qualifying Life Events – Major medical plans require a Qualifying Life Event (QLE) to apply for outside of open enrollment. Qualifying life events include many life circumstance changes like getting married, divorced, having a child, moving to a new state, or change of employment.
Affordability – Due to the flexibility and comprehensive coverage, major medical plans are often very expensive when compared with alternative options. Major medical plans do offer subsidy support based upon household size & income.